Bitcoin Market Wrap Up 6/21 – 6/28: BTC Holds Steady, Mintcoin Demand Increases
This week, Bitcoin has seen stable gains, securing a 2.25% increase. While we did see some dips this week, Bitcoin never fell below the $240 threshold. After Bitcoin hit its low at $240, it rose quickly, hitting this week’s high at $252. Since then, Bitcoin has decreased slightly and is hovering just under $250.
Also Read: Last Week’s Market Wrap Up
Volume has been in the average range this week — possibly on the lower end of the spectrum. While it is higher than the volume we saw last week, more volume would be optimum, as more liquidity for Bitcoin is never a bad thing. Next week could go either way regarding the price of Bitcoin; it could either fall back to $240 or go on to hold in $250 and maybe even attempt reaching $260.
Altcoin Market Analysis
While the altcoin markets were not as exciting as they usually are, there were still gains made this week. Altcoin markets seem to be reflecting similar trends to Bitcoin, with the interest in trading declining. The coins that received higher gains this week were of lower volume, like Mintcoin, with its approximately 90% increase.
While there were altcoins that had greater earnings this week, they were all of minuscule market cap and volume which could have been the work of just one entity controlling the market. Mintcoin is 15th on the list of 7-day gains but is the 1st to on the top 100 coin market capitalization list.
Shown by the 3-month chart displayed above, there has been a steady increase of volume and market capitalization. Starting at April 15th on this chart, at a trading price of 7 Satoshis, Mintcoin is now being exchanged at above 40 Satoshis, over 500% gains that have held stable.
The steady uptrend of MIntcoin has gotten a discussion going on the forums, with user “Ricklosti” sharing multiple reasons why:
“Some possibilities: The minting reward will be decreasing by 66% within about 1 more year. Currently 15% annual rate, dropping to 10% in a few months. …By about this time next year, the reward drops another 50% to 5% annually. So the coin is going to get rarer, and it is a great coin. I like the name too, MINT. You can start minting Mintcoins more mintcoins just by holding onto them. No mining equipment required. Purchasing the mintcoins is like purchasing mining gear too because it is built into it – because the coins self-replicate themselves; it is very efficient. So the more you buy, the more you will mint new coins, and the more you buy, also makes the price rise, so you can get compounding returns on the future mintings. It is actually a very sweet deal. There is a limited supply, so increasing demand, causes a rise in price. Sort of like how one-of a kind art can be worth mega-millions, and tend to rise in price over time, MINT is unique too.”
Where do you see the market headed? Will BTC and Mintcoin both hold their gains? Let us know in the comments below!
Images: Bitcoincharts, CMC
This author’s views do not necessarily reflect those of Bitcoinist.net.